The parties' initial, 45-minute meeting in New York was clearly exploratory in nature, leading to nothing more than a proposal that was itself the subject of further negotiations over the phone, by mail, and in meetings outside of New York. Such is not a transaction of business in New York within the meaning of CPLR 302 (a) (1) ( see, Liederman Assocs. v Robotool Ltd., 154 AD2d 515).